The European Commission approved EUR 28,3 million grant financing for a Regional Private Sector Development Programme, to be executed over 5 years in the Caribbean region."This programme will contribute to the gradual integration of the Caribbean Forum of African, Caribbean and Pacific States (CARIFORUM) into the world economy, enhancing regional economic growth and by extension alleviate poverty.", said Valeriano Diaz, Head of the EU Delegation in Barbados and the Eastern Caribbean. The Regional Private Sector Development Programme is integral to assisting the region in responding to the opportunities and challenges offered by the CARIFORUMEC Economic Partnership Agreement (EPA), as well as other new and existing trade arrangements. Specifically the Programme will: - enhance competitiveness and promote innovation in the regional private sector - promote trade and export development among CARIFORUM States; - promote stronger trade and investment relations among CARIFORUM States, the French Caribbean Outermost Regions and the European Union Overseas Countries and Territories in the Caribbean; - promote stronger trade and investment cooperation between CARICOM and the Dominican Republic.